Shares of Bitcoin mining stocks have trailed the broader markets in recent months due to the Bitcoin (BTCUSD) halving event. The last BTC halving occurred in April this year, reducing the supply of the digital asset by 50%, and cutting mining rewards in half.
For instance, shares of Marathon Digital Holdings (MARA), one of the largest BTC mining companies, are down 37% from 52-week highs, valuing the company at a market cap of $6.3 billion. Marathon Digital is a crypto miner, which means its stock price performance is tied in large part to the asset it mines, which is Bitcoin.
